For six straight months, home prices have been leaping in double digits from a year ago. In May, the median existing home sale price was 15.4 percent higher nationally than May of 2012, according to a new report from the National Association of Realtors.
The Realtors themselves say that kind of jump is "unsustainable."
"Some of the increases can be explained by the fact that it is recovering from an over-corrected situation," said Lawrence Yun, chief economist for the Realtors. "But with people's income rising at only 1 or 2 percent and prices rising in double digits, it cannot continue."
Part of the steep rise in the median home price can be attributed to a change in the mix of homes that are selling. Sales of homes
The 30-year fixed-rate mortgage took a large jump this week, rising from 3.93 percent last week to 4.46 percent this week -- its largest weekly rise since 1987, Freddie Mac reports in its weekly mortgage market survey.
Fixed-rate mortgages soared with bond yields amid the Fed’s recent remarks on June 19 that it might soon reduce its bond purchase program, which has helped to keep mortgage rates at historical lows. The Fed plans to moderate its purchases of bonds later this year and end purchases altogether by the middle of 2014.
"Higher mortgage rates may dampen some housing market activity but the effect will be muted by the high level of buyer
Police say a security camera has captured footage of two Philadelphia real estate agents allegedly throwing dead mice and snakes and cutting tree branches on a neighbor’s property who had a home for sale next to theirs. The police also allege that the agents were caught on video knocking over "For Sale” signs on the $1 million next door listing.
The agents, a couple who work in luxury real estate together, also had their own home listed for sale for $1 million and were competing against the neighboring home.
Police have cited the agents for disorderly conduct and harassment.
A house sitter had filed a complaint with police saying that someone had been
We are very happy to welcome Lily Lee to The Cascade Team Real Estate. Lily will be working in our Bellevue office managed by Stan Chang. Lily has strong ties to Bellevue and also in the international community. She will be a great asset to The Cascade Team as we continue to grow!
Office Phone 425-313-4752
Cell Phone 425 505 1132
Lily has been a resident of Bellevue for more than a decade and absolutely loves living there. The vibrancy and diversity of real property market has led her to change career path and pursue her dream of working in real estate. She comes to real estate with fire in the belly, strong work ethic, and passion for people.
Not everyone is moving to the city. Suburbs remain popular among home buyers.
Washington State comes up big in a recently released list of the top booming American suburbs. Evaluated were some 1,500 suburbs to find the ones that offered the most employment growth, community safety, proximity to good schools, best commute times, and nearby access to stores. Washington State had four of the top ten growing suburbs, including three of the top 5!
The following suburbs made its list:
1. Cottage Lake, Wash. 2. Prairieville, La. 3. Fruit Cove, Fla. 4. Sammamish, Wash. 5. Mercer Island, Wash. 6. Riverton, Utah 7. Brentwood, Tenn. 8. Lehi, Utah 9. Cooper City,